Financial Regulatory Forum

By Jason Rhodes
ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer Group AG said money from wealthy clients had been flowing into the group at a slower pace since mid-year due to international tax clampdowns.

Baer, which split its core private bank and asset management operations into two separately listed companies last month, also said on Tuesday it was seeking more acquisitions following its purchase of ING’s Swiss private banking assets.

“We are still open to acquisitions. In principle, the bigger the better,” said spokesman Jan Bielinski, adding Baer was looking in Asia, Switzerland and the rest of Europe.

Baer has an estimated war chest of $500 million but Bielinski said the bank could tap the market for more.

Switzerland has faced a barrage of attacks over its tax- haven status, prompting the country to relax its cherished bank secrecy to comply with international rules.

By Kim Dixon

WASHINGTON (Reuters) – U.S. authorities will extend an amnesty program for taxpayers who have income hidden in offshore accounts by three weeks to October 15, citing pleas from tax professionals who say they could not handle the numbers of individuals rushing to take part.

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By Jason Rhodes
ZURICH, Aug 18 (Reuters) – Details of a landmark settlement of the U.S. tax case against Swiss bank UBS are expected this week, which should help the bank restore its image and open the way for the Swiss state to sell its UBS stake. (more…)

MIAMI, Aug 7 (Reuters) – The U.S. government, citing difficulties in talks to hammer out a final settlement of its tax-evasion dispute Swiss bank UBS AG, asked a U.S. judge on Friday to delay a trial in the case set to begin on Monday. (more…)

ZURICH, July 24 (Reuters) – Talks between Switzerland and the United States to end a tax row targeting UBS could stretch beyond an Aug. 3 deadline to allow more time for a detailed settlement, a source familiar with the situation said on Friday. (more…)